Page 53 - RusRPTSept23

also rose against the backdrop of not very good harvest prospects in the leading producing countries.
The grain price index in July slightly decreased - by 0.5%, to 125.9 points. The reasons are a drop of 4.8% in world quotations of forage crops. Prices for corn continued to decline, prices for sorghum decreased, the price of barley remained stable under the influence of the situation on the wheat market - for the first time in the last nine months, prices for it rose (by 1.6%). The reasons are the uncertainty with exports from Ukraine in connection with the withdrawal of the Russian Federation from the grain deal and damage to the Ukrainian port infrastructure, as well as drought in North America. The rice price index rose 2.8% from June to its highest level since September 2011.
A slight decrease was shown by the price indices for dairy products (by 0.4%, to 116.3 points) and meat (minus 0.3%, to 117.8 points). At the same time, if the cost of beef, lamb and poultry meat decreased, then pork prices increased. Significantly, by 3.9%, to 146.3 points, the price index for sugar decreased. The decline was driven by a strong harvesting campaign in Brazil, increased rainfall in most growing areas in India, and weak demand from Indonesia and China, the world's largest sugar importers.
Russians’ 1-year inflationary expectations increased to 11.5% in August
from 11.1% in July, as seen by PRIME in the central bank’s materials on August 23. Observed inflation in August fell to 13.5% in annual terms from 13.8% in July.
RUSSIA Country Report September 2023 www.intellinews.com